Tower Financial pays deferred interest on trust preferred securities

By Ashley Montgomery

Kansas City, Kan., June 1 - Tower Financial Corp. has paid all of its $1.5 million of deferred interest on its trust preferred subordinated security TCT3, according to an 8-K filing with the Securities and Exchange Commission.

The company said it also plans to pay all of the $763,929 of deferred payments on trust preferred subordinated security TCT2 on June 30.

The company said the Federal Reserve Bank of Chicago approved both payments.

The cash payments do not affect the company's earnings for the first six months of 2012, the filing said.

The Fort Wayne, Ind., bank holding company chose to defer the scheduled interest payments on its $17.5 million junior subordinated notes related to the trust preferreds in February 2010.

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